How to start an art business

Written by Kiara Maharaj, 05.Nov.2024

When people think of art as a career, they often think of the “Starving Artist” trope. The sad and depressed artist who can barely support themselves. It is a common misconception that there is no money in art, or that it’s not possible to earn an income as an artist. This blog post will break down the essential steps to start an art business from home. If you follow these steps and stay consistent to your plan and goals, you will be well on your way to becoming a full-time, financially stable artist.

1. Planning your artist's brand

The first step when planning your business as an artist is branding. When your audience knows what kind of art to expect from you, and the content to expect from you, they are more likely to follow you without a second thought.

A brand is more than just a logo or a name; it encompasses the overall identity and perception of a company, product, or individual in the minds of their audience. It is the sum of all the unique attributes, values, and characteristics that distinguish a business or individual from others.

Branding goes beyond the physical aspect and extends to the emotions and experiences associated with the entity. In the context of an online art business, your brand is what sets you apart from other artists and creates a lasting impression on your audience.

In my other guide How to build an artist's brand (Step by Step with Branding Template), I breakdown the brands of famous artists such as ZHC and Sam Does Arts, as well as share my story of how I built my own brand from scratch without any course (through trial and error).

2. The Art Business Plan

A strategic business plan is a document that outlines the short-term and long-term goals of a business, as well as the strategies and tactics required to achieve those goals.

It includes an analysis of the businesses strengths, weaknesses, opportunities, and threats (SWOT analysis), a clear mission statement, an overview of the competitive landscape, financial projections, and a detailed action plan.

It's not just a bunch of fancy words and numbers; it's your game plan, tailored specifically to your unique talents and aspirations. It helps you define your goals, understand your audience, and stand out in a crowded market. Plus, it gives you a clear sense of direction, so you can stay focused and make informed decisions every step of the way.

Before 2023, I did not have a business plan. I was depending on my art with irregular income, and it was unstable and caused me a lot of anxiety. I would get an idea for a marketing campaign or a new product or book or video, then I’d execute it and hope for the best. I planned for the next month, and maybe for the next 3 months if a project required more time. The problem is that without a plan, it caused my business to be unreliable. I wasn’t sure where it would be in 6 months, let alone 1 year.

Having a business plan as an artist also improves our confidence that the financial side of things are taken of - because you have clearly laid out all your ideas which will make you money. In other words you have a sturdy ground to stand on, or a strong wall to lean on. It makes us less fearful of any changes in the world and society - such as generative AI models and much more that could be introduced in the future.

3. The Marketing Strategy

A marketing strategy is a comprehensive and organized plan that outlines the specific actions, tactics, and approaches you will use to promote and market your products or services to your target audience.

It is a roadmap that guides your marketing efforts, helping you achieve your business goals and objectives. A well-developed marketing strategy takes into account various factors, including your target audience, market trends, competition, and available resources. Your marketing strategy is your ‘how’ - how you plan to achieve your business and revenue goals by reaching new customers.

The way you market your business should be consistent to your brand and target audience. For e.g. my business “Kiara in the Forest” targets people interested in gouache painting and fantasy art.. Some of my audience’s other interests include tabletop gaming like DnD, video games, fantasy books, gouache tutorials and courses, and how to build their own art businesses.

Here are some of the ways you can market your businesses:

• Online Presence (Website and social media)
• Collaborations
• In person events, markets, fairs and conventions

4. Accounting

The main way of keeping track of your business’s health is by looking at the accounting of your business every month. This means that you have to regularly upkeep and keep track of your income and expenses during the month.

I never did accounting in school or university. The first time I learned about accounting was through a 6 month business training program as part of a business competition prize. I wanted to share that with you to assure you that even without a background in accounting I have developed an accounting practice. A simple understanding will suffice.

Often, people are earning a lot of income, but because of bad organization they end up always feeling like they’re not earning enough. Somehow all their money is always gone.

Organizing your finances by creating these separate entities and looking at each one’s cashflow will keep your finances organized and all your expenses paid without ever feeling broke.

5. Create a work/life balance to enjoy your freedom

I’ve included this as a separate step here because starting a business is not an easy task. Being an entrepreneur requires a drastic change in your mindset. You have to cultivate a positive relationship about money - think of the world in abundance, with a limitless amount of wealth that you have access to with your business.

Having a business is also like having a baby. Often your personal life gets mixed up with work other than making art - maintaining your shop, creating invoices, communicating with customers, filming, editing, etc. I recommend setting concrete boundaries between you and your business.

This is a summarized version of 5 key steps to start and run an art business. If you found this helpful, then you might strike gold with my art business E-book series: The Starving Artists Academy. It delves in depth into all these topics from accounting, business planning, goal setting, branding, content strategy, and more.

Thank you for reading and I wish you all the best in your creative endeavors.

With love and magic,

Kiara.